ADH ALEXANDER: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ADH ALEXANDER
Largest movements
- Receivables within one year +€159,400
up €159,400 (+36.6%), from €435,804 to €595,204
of which Trade receivables: +€99,203
- Tangible fixed assets -€19,003
down €19,003 (-30.1%), from €63,039 to €44,036
of which Leasing and similar rights: -€18,672
- Trade debts +€135,555
up €135,555 (+49.4%), from €274,575 to €410,131
- Other debts +€59,500
new in 2025: €59,500
- Profit (loss) carried forward -€45,603
down €45,603 (-33.6%), from €135,848 to €90,245
- Debts after one year -€18,210
down €18,210 (-37.4%), from €48,645 to €30,435
- Gross operating margin -€17,612
down €17,612 (-20.9%), from €84,179 to €66,567
- Depreciation +€4,138
up €4,138 (+21.9%), from €18,865 to €23,003
- Other operating charges +€3,114
up €3,114 (+62.2%), from €5,009 to €8,123
- Taxes -€3,095
down €3,095 (-23.7%), from €13,065 to €9,970
- Financial charges -€1,943
down €1,943 (-64.1%), from €3,031 to €1,088
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €510,778 | €651,227 | +€140,449 | +27.5% |
| Fixed assets | 21/28 | €63,039 | €44,036 | -€19,003 | -30.1% |
| Tangible fixed assets | 22/27 | €63,039 | €44,036 | -€19,003 | -30.1% |
| Furniture and vehicles | 24 | €798 | €468 | -€330 | -41.4% |
| Leasing and similar rights | 25 | €62,241 | €43,569 | -€18,672 | -30.0% |
| Current assets | 29/58 | €447,739 | €607,190 | +€159,452 | +35.6% |
| Amounts receivable within one year | 40/41 | €435,804 | €595,204 | +€159,400 | +36.6% |
| Trade receivables | 40 | €226,925 | €326,128 | +€99,203 | +43.7% |
| Other amounts receivable | 41 | €208,879 | €269,076 | +€60,198 | +28.8% |
| Cash at bank and in hand | 54/58 | €10,174 | €7,422 | -€2,752 | -27.0% |
| Deferred charges and accrued income | 490/1 | €1,761 | €4,564 | +€2,803 | +159.2% |
| Total equity and liabilities | 10/49 | €510,778 | €651,227 | +€140,449 | +27.5% |
| Equity | 10/15 | €138,848 | €93,245 | -€45,603 | -32.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €135,848 | €90,245 | -€45,603 | -33.6% |
| Amounts payable | 17/49 | €371,930 | €557,982 | +€186,052 | +50.0% |
| Amounts payable after more than one year | 17 | €48,645 | €30,435 | -€18,210 | -37.4% |
| Financial debts | 170/4 | €48,645 | €30,435 | -€18,210 | -37.4% |
| Amounts payable within one year | 42/48 | €323,285 | €527,547 | +€204,262 | +63.2% |
| Current portion of amounts payable after more than one year | 42 | €17,700 | €18,210 | +€510 | +2.9% |
| Financial debts | 43 | €2,725 | €6,171 | +€3,446 | +126.5% |
| Credit institutions | 430/8 | €2,725 | €6,171 | +€3,446 | +126.5% |
| Trade debts | 44 | €274,575 | €410,131 | +€135,555 | +49.4% |
| Suppliers | 440/4 | €274,575 | €410,131 | +€135,555 | +49.4% |
| Taxes, remuneration and social security | 45 | €28,284 | €33,535 | +€5,251 | +18.6% |
| Taxes | 450/3 | €28,284 | €33,535 | +€5,251 | +18.6% |
| Other amounts payable | 47/48 | - | €59,500 | +€59,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,865 | €23,003 | +€4,138 | +21.9% |
| Other operating charges | 640/8 | €5,009 | €8,123 | +€3,114 | +62.2% |
| Gross operating margin | 9900 | €84,179 | €66,567 | -€17,612 | -20.9% |
| Operating profit (loss) | 9901 | €60,306 | €35,442 | -€24,864 | -41.2% |
| Financial income | 75/76B | €200 | €13 | -€187 | -93.3% |
| Recurring financial income | 75 | €200 | €13 | -€187 | -93.3% |
| Financial charges | 65/66B | €3,031 | €1,088 | -€1,943 | -64.1% |
| Recurring financial charges | 65 | €3,031 | €1,088 | -€1,943 | -64.1% |
| Profit (loss) for the period before taxes | 9903 | €57,475 | €34,367 | -€23,108 | -40.2% |
| Income taxes | 67/77 | €13,065 | €9,970 | -€3,095 | -23.7% |
| Profit (loss) for the period | 9904 | €44,410 | €24,397 | -€20,013 | -45.1% |
| Profit (loss) for the period to be appropriated | 9905 | €44,410 | €24,397 | -€20,013 | -45.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.